Lingerie Fighting Championships, Inc. announced that it has received $0.03 million in funding from Auctus Private Equity Management, Inc.
March 06, 2018
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Lingerie Fighting Championships, Inc. (OTCPK:BOTY) announced that it has entered into a securities purchase agreement for private placement of a 12% convertible promissory note for gross proceeds of $30,000 on March 7, 2018. The transaction included participation from returning investor Auctus Private Equity Management, Inc. The note carries fixed interest rate of 12% per annum and is due on December 7, 2018. The note is convertible into common shares of the company at a price at the lower of the closing sale price of the company’s stock on the over the counter markets on the trading day immediately preceding the closing day, and 50% of either the lowest sale price of the company’s common stock on the over the counter markets during the 25 consecutive trading days including and immediately preceding the conversion date, or the closing bid price, whichever is lower, provided however, if the company’s share price at any time loses the bid, then the investor, at their sole discretion, can convert at a fixed conversion price of $0.00001. The company may prepay the note. In the event of default, the company will pay fixed interest rate of 24% per annum. The company issued note at par. The company paid transaction expenses of $2,250 to the investor. The company has received net proceeds of $25,000 in the transaction. The company has issued securities pursuant to exemption provided under Section 4(a)(2) of the Securities Act of 1933 and Regulation D.
Lingerie Fighting Championships, Inc., is a media company. The Company is focused on the development, production, promotion and distribution of original entertainment which it plans to make commercially available predominantly through live entertainment events, as well as through digital home video, broadcast television networks, video-on-demand and digital media channels. The Company offers wrestling and mixed martial arts fights featuring women under the LFC brand name. The LFC business and brand is focused on building and establishing a sports entertainment league that utilizes wrestling and mixed martial arts (MMA) fighting techniques for purposes of providing entertainment.